Nationwide’s house-price index recorded a peak average price of £186,044 in October 2007, falling 12 per cent to £163,853 in November this year. According to Halifax’s index the peak was £199,612 in August 2007, falling 19 per cent to £160,879 by November this year.

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While the ratio of house prices to annual earnings at 4.39 is down from 2007’s peak of 5.8, it is above the 1983-2012 average of 4.05.

Tomorrow sees December data from property analyst Hometrack, while Thursday sees the British Bankers’ Association’s November figures on home loans.

Hometrack’s November data showed the number of new buyers registering with estate agents dropped 0.8 per cent and house prices fell 0.1 per cent for the fifth month in a row and are down 0.3 per cent over the past 12 months.

The BBA’s October figures showed 33,039 mortgage approvals in October, against a peak of 78,261 in November 2006.

Archer said: ‘We are forecasting a modest rise to 33,500 for November.’Matthew Pointon, of independent forecaster Capital Economics, said: ‘The high level of deposits currently demanded by lenders is still a key constraint on housing demand.

‘It is not surprising that households are currently not able to save much, given the continued squeeze on incomes and increase in the price of essentials such as fuel and food.’

Peter Dixon, strategist at Commerzbank, said: ‘The housing market is going sideways, but prices are still more than four times’ earnings.There has to be a supply-demand imbalance.’